Table 7.
Diagnostic test for ECM based ARDL model.
| Test Statistic | F- statistic | Prob. Values |
|---|---|---|
| a: Serial Correlation | 0.231 | 0.678 |
| b: Functional Form | 1.969 | 0.295 |
| c: Normality | 2.756 | 0.251 |
| d: Heteroscedasticity | 0.569 | 0.814 |
| e: CUSUM | Stable | |
| f: CUSUMS | Stable |
a: Lag range multiplier test of residual serial correlation.
b: Ramsey's RESET test using the square of the fitted values.
c: Based on a test of skewness and kurtosis of residuals.
d: Based on the Breusch-Pagan-Godfrey Test.
e: Stability test by Cumulative Sum.
f: Cumulative Sum of Squares.